Central Bank of India emerges top bidder for Future's stake in insurance ventures
Central Bank of India has emerged as the successful bidder for the stake acquisition of debt-ridden Future Enterprises Ltd (FEL) in life and general insurance ventures.
The state-owned Bank said in a regulatory filing that the Committee of Creditors (CoC) has declared the bank the successful bidder for the sale of FEL's Category 1 assets in Future Generali India Life Insurance Company Limited and Future Generali India Insurance Company Limited.
The Letter of Intent dated August 20, 2024, is received by the bank in this regard, it added.
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Future Enterprises owns a 25 percent stake in Future Generali India Insurance Company and a 33 percent stake in Future Generali Life Insurance.
The Future group is facing financial trouble after its Rs 24,713-crore deal to sell its retail, wholesale, logistics, and warehousing assets to Reliance Industries Ltd., announced in August 2020, could not materialise.
The deal was called off by Reliance in April after it failed to get lenders' support.
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